IL SB0070

Adds a tax credit for taxpayers who own qualified real property in Illinois counties declared State disaster areas due to tornadoes in 2018, for taxable years beginning on or after January 1, 2018 and before January 1, 2019.

Tax credit amount equals the lesser of $750 or the deduction allowed under Section 165 of the Internal Revenue Code for property damage, determined without regard to normal limitations.

Township assessors or county assessment officers must issue certificates identifying damaged properties by property index number (PIN) and owner information; taxpayers must attach certificates to their tax returns.

Excess credits exceeding annual tax liability may be carried forward and applied to tax liability for the 5 following taxable years, with earlier year credits applied first.

Credit is unavailable to taxpayers who receive a Natural Disaster Homestead Exemption for the same property; the credit applies to principal residences, small business property, and property not used in rental or leasing businesses.